What is a Bid?

What is a bid?

A BID is a way for businesses in a defined area to decide and agree on projects and initiatives that they want to be delivered to help their business thrive.

A business plan has been written that includes these suggestions, and all business in the area had the opportunity to vote ‘For’ or ‘Against’ the BID in a formal ballot. There was a majority in favour for the BID, and it will be funded through a statutory, small percentage levy based on the rateable value of that business.

They work on a very simple principle where every business involved benefits and contributes equally. Smaller businesses pay less, and larger businesses pay more but each contributes the same percentage. Together a fund is created which has the power to make a real difference.

By ensuring everyone contributes, BIDs eliminate the freeloader effect which tend to make other schemes fail. BIDs are fair and they have also proved to be highly effective. If the majority of businesses vote YES, the BID business plan becomes a legal document and all businesses will contribute (even if they voted no at the ballot). Each year the BID Company is legally obliged to publish an audit of its delivery against targets of the BID plan. Voters have the right to see this and hold the company to account.

There are over 300 BIDs in the UK.

Of all the BIDs that have gone to ballot for a second term over 90 per cent have been approved for a further term by an increased majority and a handful have now entered a third term.

Why does Poole need a bid?

Competition and challenges for places such as Poole are obvious.

Bournemouth, Castlepoint and Southampton are clear competitors for Poole. This, and the fact that the future for retail as we know it, is by no means secure in the face of digital retail. Also Local Authority cuts mean that the public purse can no longer fund marketing and promotion as in the past.

Poole has strong assets and opportunities that are currently undersold. Its stunning waterfront along the Quay, and its boating heritage and proximity to Brownsea Island; the charm of the old town and its architecture, the potential of the Dolphin Shopping Centre and the wealth of small independent businesses in the High Street and along Poole Quay make Poole an interesting and attractive coastal town that should perform far better than it does.

So why a bid?

A BID scheme is an innovative way for businesses, like yours, to work together to design, plan, manage deliver and pay for a Business Plan that reflects your priorities for taking Poole forward over the next 5 years.

BIDs also provide a great opportunity for businesses to reduce their costs by cooperating to negotiate better rates for utility bills, trade waste and insurance premiums.

As a business owner in Poole you know better than anyone else what needs to be done to improve the trading environment in the town. We need you to tell us what you think should be the priorities during the term of the BID. The business plan aims to reflect those priorities. You were asked to comment on the plan to make sure that it reflected accurately what businesses think the town needs to increase its vitality for all. This plan has now been adopted and will be delivered by the BID Board on behalf of the town.

Proposed bid area

We want to hear regularly from all businesses in the BID area. Please tell us your views, ideas, suggestions and priorities so as they can be taken into consideration when developing the detailed action plan which feeds from the business plan. You can either:

– Contact one of the BID Directors directly – details can be found in the ‘contacts’ area of the website

HAVE YOUR SAY

We want to hear from all 512 businesses in the BID area regarding the proposed business plan. Please tell us your thoughts, suggestions and comments on the priorities and projects to make sure it will work for you.